1. Philobiblon Gallery S.r.l., is a company with principal office in Rome, Via della Colonna Antonina No. 41 and operating office in via Antonio Bertoloni No. 45, recorded with the Companies Register of Rome and Fiscal Code No. 12371931002 [Company Register Code RM-1369217], Company in carrying out its selling activity, acts as an agent on an exclusive basis in its name but on behalf of each Seller, whose name is registered in the special books held at Philobiblon Gallery S.r.l’s office pursuant to the Police Regulations. The sales shall be deemed concluded directly between the Seller and the Buyer (hereinafter referred to as the ‘Buyer’); it follows that Philobiblon Gallery S.r.l.undertakes no responsibility except that deriving from its role as agent.

2. The lots are knocked down to the highest bidder. If any dispute arises between two or more bidders, the disputed lot may, at the sole discretion of the Auctioneer, immediately be reoffered and resold.

3. The commissions due to Philobiblon Gallery S.r.l.by the Buyer are the following: - 27% of the hammer price of each lot up to an amount of Euro 100.000,00;- 21% of the hammer price on any amount in excess of Euro 100.000,00.

and include rights and VAT.

4. Before every auction, an exhibition of the lots shall take place in order to allow a trough evaluation of the authenticity, the state of preservation, the provenance and the type and quality of any lot. The descriptions in the catalogue can be integrated at the request of our clients through the delivery of written reports (s.c. condition reports).

5. Possible refutations must be communicated within ten days from the adjudication by registered mail; if the reason of the refutation would result valid, on the base of the documentation supplied by the Buyer, Philobiblon Gallery S.r.l will refund the Buyer only for the amount already collected, against the return of the adjudicated lots. Philobiblon Gallery S.r.l won’t be compelled to additional reimbursement.

6. In any case of auctions concerning books, the Buyer shall not be entitled to dispute any damage to bindings, foxing, wormholes, trimmed pages or plates or any other defect affecting the integrity of the text and/or illustrative material, including missing indices of plates, blank pages, insertions, supplements and additions subsequent to the date of publication of the work. No refund will be considered for books not described in the catalogue

7. Lots with simbol (*) . In Italy the Legislative Decree No. 118/2006 provides a so called ‘Diritto di Seguito’ (artist’s resale right) namely the right of the artist, who created figurative works or manuscripts, during his entire life and the right of his heirs for a period of 70 years from the artist’s death, to receive a payment calculated at a percentage of the sale price of the originals of his works on occasion of subsequent sales of the artist’s works. For lots that appear with this symbol the buyer is committed to pay the ‘droit de suite’ which entitles the seller to pay according to the art. 152, I comma, Law 22 aprile 1941, n. 633. Such artist’s compensation is at charge of the Buyer and is calculated on the hammer price if it is equal or higher than Euro 3.000,00. This compensation cannot in any case be higher than Euro 12.500,00 for each lot. The amount of the compensation to be paid is calculated as follows: 4% for the sum of the hammer price up to Euro 50.000,00; 3% for the sum of the hammer price between Euro 50.000,01 and Euro 200.000,00; 1% for the sum of the hammer price between Euro 200.000,01 and Euro 350.000,00; 0,50% for the sum of the hammer price between Euro 350.000,01 and Euro 500.000,00; 0,25% of the hammer price in excess of Euro 500.000,00. The artist’s compensation charged to Buyer shall be paid by Philobiblon Gallery S.r.l.to SIAE, pursuant to what prescribed by the Italian law.

8. Lots with simbol (T). Lots from a foreign Seller, in temporary importation in Italy and not subject to any restrictive measure by the Italian State. Concerning the other lots the Buyer, with respect to the lots declared of significant interest by the Italian State, shall comply with the provision set forth in the Legislative Decree No. 42 of January 22, 2004 (so called ‘Codice dei beni culturali’). The export of lots by the Buyers, both resident and not resident in Italy, is governed by the above mentioned provisions of law and are also subject to customs, currency and tax-regulations in force. Philobiblon Gallery S.r.l. shall not be held liable for any restrictions on export of the sold lots or for any licenses or permits that the Buyer must obtain under Italian law. In the event that the Italian State exercise the right of pre-emption, the Buyer shall not be entitled to receive either from Philobiblon Gallery S.r.l.or from the Seller any refund of the interest on the sale price and on the commissions already paid to Philobiblon Gallery S.r.l.

9. Each prospective Buyer must complete and sign a registration form, including personal data, ID and bank references prior to each auction. Said data shall be treated confidentially pursuant to the applicable laws on privacy, as indicated in details in the appropriate notice delivered to the prospective buyers. Philobiblon Gallery S.r.l.will be entitled to execute bids for specific lots on behalf of clients known to it, making bids through the auctioneer in competition with the other bidders attending the sale. In the event of two identical bids, the bid communicated by the auctioneer shall prevail over the bid made by other bidders

10. Philobiblon Gallery S.r.l.reserves to itself the right to refuse bids made by persons not registered, not identified or who has not given adequate bank references, or persons beforehand insovents with regards to Philobiblon Gallery S.r.l

11. Philobiblon Gallery S.r.l. reserves the right to withdraw any lot in its absolute discretion and without need of any notice. During the auction, the auctioneer in its absolute discretion is entitled to change the order of sale, to join and/or separate any two or more lots. Philobiblon Gallery S.r.l., moreover, shall also withdraw lots if the bids do not reach the reserve price, as agreed between Philobiblon Gallery S.r.l.and the Seller

12. Sales are made to the highest bidder, to be considered for cash. In the event of two identical bids, the bid communicated by the auctioneer shall prevail over the bid made by other bidders. Philobiblon Gallery S.r.l. deemed solely responsible for paying the Winner and transfers to third parties of batches already awarded are not accepted. Therefore, participation in the auction and on behalf of third parties must be notified in advance. Personal data given at the registration will be used for the invoice and will be unchangeable.Title to the lots is transferred to the highest bidder only upon full payment of the hammer price and of the commissions referred to in paragraph 3. The following modalities of payment are accepted:

a. by cash up to Euro 1.000;

b. by VISA or MASTERCARD credit card (a surcharge of 2.00% is payable).

d. by bank transfer to the banking account No. 3828X90 in the name of Philobiblon Gallery S.r.l. with Banca Popolare di Sondrio, Agenzia No. 25 of Rome, Viale Parioli 39, identified with the following banking data: IT77Y0569603225000003828X90, SWIFT: POSOIT22.

In case of payment made by cheque or banking remittance, the payment shall be deemed made only when Philobiblon Gallery S.r.l’s bank has confirmed the encashment of the cheque or the receipt of the remittance.

13. The Buyer shall pay to Philobiblon Gallery S.r.l. the hammer price plus the commission due to Philobiblon Gallery S.r.l.for the action fees within seven working days, unless otherwise previously agreed in writing with Philobiblon Gallery S.r.l. In the event of delays in the payment of the hammer price plus commissions by the Buyer, Philobiblon Gallery S.r.l.may charge to the Buyer liquidated damages at the rate of 12% per year calculated for the actual days of delay, saving the right of Philobiblon Gallery S.r.l, after the elapse of seven days from the auction, to cancel the sale of the lot and to resell the lot by future auction or by private sale, withholding in any case, as liquidated damages, advance payments, if any, made by the Buyer. The unpaid lots shall be kept in custody by Philobiblon Gallery S.r.l.at risk and cost of the Buyer until they are sold, as provided for in the precedent paragraph, or returned to the Seller upon his request, it being understood that, until the sale or the return of the lots to the Seller, the Buyer shall be obliged to pay to Philobiblon Gallery S.r.l. the above mentioned liquidated damages.

14. The Buyer, after the payment of the hammer price and of the commission, should collect or should ask for the shipping of the lots at his own risk and costs within seven days from auction. The cost of the storage, for seven days after this time, amounts to 10,00 Euros per day. After this time, Philobiblon Gallery S.r.l. shall not be held liable towards the Buyer with reference to the custody, to any possible deterioration or wear and tear of the lots and will have right to a) sell it privately, requiring a possible difference of priceb) sell it in a following auctionc) recover a penality equal to the 25% of the hammer price

Philobiblon Gallery S.r.l. may arrange to have the lots packed, insured and shipped at the express request, expense and risk of the Buyer, upon receipt of the related payment

15. These general conditions of sale shall be deemed accepted entirely and automatically by the sale participants and are available to any person requesting them. Any dispute relating to these general conditions on the auctions shall be submitted to the exclusive jurisdiction of the Rome Courts and shall be governed by Italian Law, saving Philobiblon Gallery S.r.l. rights to submit the claim to the Court where the defendant is resident.

1. Philobiblon Gallery S.r.l., is a company with principal office in Rome, Via della Colonna Antonina No. 41 and operating office in via Antonio Bertoloni No. 45, recorded with the Companies Register of Rome and Fiscal Code No. 12371931002 [Company Register Code RM-1369217], Company in carrying out its selling activity, acts as an agent on an exclusive basis in its name but on behalf of each Seller, whose name is registered in the special books held at Philobiblon Gallery S.r.l’s office pursuant to the Police Regulations. The sales shall be deemed concluded directly between the Seller and the Buyer (hereinafter referred to as the ‘Buyer’); it follows that Philobiblon Gallery S.r.l.undertakes no responsibility except that deriving from its role as agent.

2. The lots are knocked down to the highest bidder. If any dispute arises between two or more bidders, the disputed lot may, at the sole discretion of the Auctioneer, immediately be reoffered and resold.

3. The commissions due to Philobiblon Gallery S.r.l.by the Buyer are the following: - 27% of the hammer price of each lot up to an amount of Euro 100.000,00;- 21% of the hammer price on any amount in excess of Euro 100.000,00.

and include rights and VAT.

4. Before every auction, an exhibition of the lots shall take place in order to allow a trough evaluation of the authenticity, the state of preservation, the provenance and the type and quality of any lot. The descriptions in the catalogue can be integrated at the request of our clients through the delivery of written reports (s.c. condition reports).

5. Possible refutations must be communicated within ten days from the adjudication by registered mail; if the reason of the refutation would result valid, on the base of the documentation supplied by the Buyer, Philobiblon Gallery S.r.l will refund the Buyer only for the amount already collected, against the return of the adjudicated lots. Philobiblon Gallery S.r.l won’t be compelled to additional reimbursement.

6. In any case of auctions concerning books, the Buyer shall not be entitled to dispute any damage to bindings, foxing, wormholes, trimmed pages or plates or any other defect affecting the integrity of the text and/or illustrative material, including missing indices of plates, blank pages, insertions, supplements and additions subsequent to the date of publication of the work. No refund will be considered for books not described in the catalogue

7. Lots with simbol (*) . In Italy the Legislative Decree No. 118/2006 provides a so called ‘Diritto di Seguito’ (artist’s resale right) namely the right of the artist, who created figurative works or manuscripts, during his entire life and the right of his heirs for a period of 70 years from the artist’s death, to receive a payment calculated at a percentage of the sale price of the originals of his works on occasion of subsequent sales of the artist’s works. For lots that appear with this symbol the buyer is committed to pay the ‘droit de suite’ which entitles the seller to pay according to the art. 152, I comma, Law 22 aprile 1941, n. 633. Such artist’s compensation is at charge of the Buyer and is calculated on the hammer price if it is equal or higher than Euro 3.000,00. This compensation cannot in any case be higher than Euro 12.500,00 for each lot. The amount of the compensation to be paid is calculated as follows: 4% for the sum of the hammer price up to Euro 50.000,00; 3% for the sum of the hammer price between Euro 50.000,01 and Euro 200.000,00; 1% for the sum of the hammer price between Euro 200.000,01 and Euro 350.000,00; 0,50% for the sum of the hammer price between Euro 350.000,01 and Euro 500.000,00; 0,25% of the hammer price in excess of Euro 500.000,00. The artist’s compensation charged to Buyer shall be paid by Philobiblon Gallery S.r.l.to SIAE, pursuant to what prescribed by the Italian law.

8. Lots with simbol (T). Lots from a foreign Seller, in temporary importation in Italy and not subject to any restrictive measure by the Italian State. Concerning the other lots the Buyer, with respect to the lots declared of significant interest by the Italian State, shall comply with the provision set forth in the Legislative Decree No. 42 of January 22, 2004 (so called ‘Codice dei beni culturali’). The export of lots by the Buyers, both resident and not resident in Italy, is governed by the above mentioned provisions of law and are also subject to customs, currency and tax-regulations in force. Philobiblon Gallery S.r.l. shall not be held liable for any restrictions on export of the sold lots or for any licenses or permits that the Buyer must obtain under Italian law. In the event that the Italian State exercise the right of pre-emption, the Buyer shall not be entitled to receive either from Philobiblon Gallery S.r.l.or from the Seller any refund of the interest on the sale price and on the commissions already paid to Philobiblon Gallery S.r.l.

9. Each prospective Buyer must complete and sign a registration form, including personal data, ID and bank references prior to each auction. Said data shall be treated confidentially pursuant to the applicable laws on privacy, as indicated in details in the appropriate notice delivered to the prospective buyers. Philobiblon Gallery S.r.l.will be entitled to execute bids for specific lots on behalf of clients known to it, making bids through the auctioneer in competition with the other bidders attending the sale. In the event of two identical bids, the bid communicated by the auctioneer shall prevail over the bid made by other bidders

10. Philobiblon Gallery S.r.l.reserves to itself the right to refuse bids made by persons not registered, not identified or who has not given adequate bank references, or persons beforehand insovents with regards to Philobiblon Gallery S.r.l

11. Philobiblon Gallery S.r.l. reserves the right to withdraw any lot in its absolute discretion and without need of any notice. During the auction, the auctioneer in its absolute discretion is entitled to change the order of sale, to join and/or separate any two or more lots. Philobiblon Gallery S.r.l., moreover, shall also withdraw lots if the bids do not reach the reserve price, as agreed between Philobiblon Gallery S.r.l.and the Seller

12. Sales are made to the highest bidder, to be considered for cash. In the event of two identical bids, the bid communicated by the auctioneer shall prevail over the bid made by other bidders. Philobiblon Gallery S.r.l. deemed solely responsible for paying the Winner and transfers to third parties of batches already awarded are not accepted. Therefore, participation in the auction and on behalf of third parties must be notified in advance. Personal data given at the registration will be used for the invoice and will be unchangeable.Title to the lots is transferred to the highest bidder only upon full payment of the hammer price and of the commissions referred to in paragraph 3. The following modalities of payment are accepted:

a. by cash up to Euro 1.000;

b. by VISA or MASTERCARD credit card (a surcharge of 2.00% is payable).

d. by bank transfer to the banking account No. 3828X90 in the name of Philobiblon Gallery S.r.l. with Banca Popolare di Sondrio, Agenzia No. 25 of Rome, Viale Parioli 39, identified with the following banking data: IT77Y0569603225000003828X90, SWIFT: POSOIT22.

In case of payment made by cheque or banking remittance, the payment shall be deemed made only when Philobiblon Gallery S.r.l’s bank has confirmed the encashment of the cheque or the receipt of the remittance.

13. The Buyer shall pay to Philobiblon Gallery S.r.l. the hammer price plus the commission due to Philobiblon Gallery S.r.l.for the action fees within seven working days, unless otherwise previously agreed in writing with Philobiblon Gallery S.r.l. In the event of delays in the payment of the hammer price plus commissions by the Buyer, Philobiblon Gallery S.r.l.may charge to the Buyer liquidated damages at the rate of 12% per year calculated for the actual days of delay, saving the right of Philobiblon Gallery S.r.l, after the elapse of seven days from the auction, to cancel the sale of the lot and to resell the lot by future auction or by private sale, withholding in any case, as liquidated damages, advance payments, if any, made by the Buyer. The unpaid lots shall be kept in custody by Philobiblon Gallery S.r.l.at risk and cost of the Buyer until they are sold, as provided for in the precedent paragraph, or returned to the Seller upon his request, it being understood that, until the sale or the return of the lots to the Seller, the Buyer shall be obliged to pay to Philobiblon Gallery S.r.l. the above mentioned liquidated damages.

14. The Buyer, after the payment of the hammer price and of the commission, should collect or should ask for the shipping of the lots at his own risk and costs within seven days from auction. The cost of the storage, for seven days after this time, amounts to 10,00 Euros per day. After this time, Philobiblon Gallery S.r.l. shall not be held liable towards the Buyer with reference to the custody, to any possible deterioration or wear and tear of the lots and will have right to a) sell it privately, requiring a possible difference of priceb) sell it in a following auctionc) recover a penality equal to the 25% of the hammer price

Philobiblon Gallery S.r.l. may arrange to have the lots packed, insured and shipped at the express request, expense and risk of the Buyer, upon receipt of the related payment

15. These general conditions of sale shall be deemed accepted entirely and automatically by the sale participants and are available to any person requesting them. Any dispute relating to these general conditions on the auctions shall be submitted to the exclusive jurisdiction of the Rome Courts and shall be governed by Italian Law, saving Philobiblon Gallery S.r.l. rights to submit the claim to the Court where the defendant is resident.